DeFiChain

DeFiChain (DFI) is a blockchain platform built with the mission of maximizing the full potential of DeFi within the Bitcoin (BTC) ecosystem. The software platform is supported by a distributed network of computers and is designed to facilitate fast and transparent transactions. The development team positions DeFiChain as an innovative blockchain project and offers solutions to problems like scalability, security and decentralization.

The project was launched in the fall of 2019 with the aim of offering financial services that commercial banks typically provide (borrowing, lending, investing, keeping funds). Yet there is a key difference between DeFiChain and a banking network: DeFiChain is a decentralized platform. This provides a number of advantages: authorities and entities cannot control the network and anyone has the right to participate in the launch of the network protocol. All actions support the entire network and participants in the process receive DFI tokens.

The DeFiChain platform ensures fast, transparent and decentralized financial services. The project is built on Bitcoin as a software fork and is tied to the Bitcoin blockchain using a Merkle root every few blocks. DeFiChain transactions are non-Turing complete, which makes them fast and smooth, with low gas costs and a reduced risk of smart contract errors.

DeFiChain’s initial functions and products include: lending, token wrapping, pricing oracles, exchanges, asset tokenization, distribution of dividends, and more.

Who Are the Founders of DeFiChain?

The DeFiChain Foundation was established in November 2019 and owns all DeFiChain (DFI) trademarks and domains. The organization is responsible for developing the ecosystem, forging new partnerships, guiding the development of tools for partners, and overseeing DFI funds. At the origins of the project are two key figures: Julian Hosp and U-Zyn Chua.

Dr. Julian Hosp is chairman and CEO of the DeFiChain Foundation. He also co-founded Cake DeFi. Hosp is an influential and authoritative specialist in the crypto industry, with a large following around the world.

U-Zyn Chua, fellow co-founder of Cake DeFi, serves as chief technical officer (CTO) and researcher at DeFiChain. Chua is also chief engineer at Zynesis and a blockchain advisor to the Singapore government.

What Makes DeFiChain Unique?

There are two towering blockchains in the crypto industry: Bitcoin (BTC) and Ethereum (ETH), both of which have inspired the emergence of decentralized finance. However, these early innovations have their limitations: Bitcoin has a long-standing reputation for security, yet can only support basic BTC transactions. As for Ethereum, developers can create applications to perform more complex transactions, yet the network has problems with scalability.

This is where DeFiChain (DFI) comes in, aiming to tackle challenges like scalability, security and fair governance. The solutions it proposes are as follows:

Building a blockchain platform for DeFi use cases, which is based upon Bitcoin in order to ensure a high level of security.

Using a hybrid proof of stake (PoS)-proof of work (PoW) consensus mechanism for network operation.

The benefits of DeFiChain therefore include:

• Supporting a wide range of cryptoeconomic financial transactions.
• Offering high throughput for all transactions.
• Achieving a high level of security through its hybrid consensus mechanism and the fact that transactions are non-Turing complete.
• Offering developers the ability to create DeFi apps on one chain.
• Providing a reliable and decentralized governance system.